November 2, 2011– With a sales-to-active property listings ratio of 15 per cent, the Greater Vancouver housing market continues to hover at the lower end of a balanced market and has been trending in that direction over the past five months.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) system reached 2,317 in October, a 1 per cent decrease compared to the 2,337 sales in October 2010 and a 3.2 per cent increase compared to the previous month. Those sales rank as the second lowest total for October over the last 10 years.
“Right now, prospective home buyers have a good selection of properties to choose from and more time to make decisions,” Rosario Setticasi, REBGV president said. “Home sellers should be mindful of local market conditions to ensure they are pricing their properties competitively.”
The Greater Vancouver - Burnaby Real Estate Market is returning to a more balanced state, as new listings are outpacing sales. New listings for June were 9.8% higher that the 10-year average, while sales were over 7% below.
The MLSLink® Benchmark House Price Index for all residential properties over the 12 month period increased by 8.7% . For detached houses, the increases were the largest, with Vancouver Westside leading the way, followed by West Vancouver. Richmond, which had been experiencing very strong prices, appears to be levelling off. The Benchmark price for all detached homes increased by 13.4% year over year, and now sits at 901,680.
Apartments have shown more modest growth, with the benchmark price for all apartments increasing by 3.5% year over year, to $405,200.
May 03 2011 : Last month saw typical sales, relative to the near record setting pace in March, bringing much more balance to the market, although still somewhat of a seller’s market.
Year over year, the benchmark price for all properties increased by 5%, but market strength does vary considerably depending on what area you are looking resulting in widely varying prices in different communities. CLICK HERE to view Burnaby and surrounding area House Price Indexcharts for various property types across communities.
To download the complete statistics package from the Real Estate Board, CLICK HERE.
April 04 2011 Through March there was a continued strengthening of the market in Greater Vancouver with over 4000 homes sold, and almost 7000 new listings coming on the market.
The benchmark house price for all property types combined had increases by 5.4 per cent over 12 months to $615,810. The benchmark price for detached properties increased 8.3 per cent from March 2010 to $866,806, while the benchmark price of an apartment property increased 2.1 per cent from March 2010 to $403,885; this is for the whole Greater Vancouver Real Estate Board.
March 02, 2011 Through February we have seen the number of listings increasing significantly, making for better selection for buyers. Richmond and Vancouver's Westside continue to show the strongest buyer demand, and also the strongest increases in pricing, while Port Moody continues to show some decline. Other areas are quite flat in their values, but we are now about to come into the busier spring market.